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Kludged

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  • Jeffrey C Ely

Abstract

Is there reason to believe that our brains have evolved to make efficient decisions so that the details of the internal process are irrelevant? I develop a model which illustrates a limitation of adaptive processes: improvements tend to come in the form of kludges. A kludge is a marginal adaptation that compensates for, but does not eliminate, fundamental design inefficiencies. When kludges accumulate, the result can be perpetually suboptimal behavior even in a model of evolution in which arbitrarily large innovations occur infinitely, often with probability 1. (JEL D03, D87)
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  • Jeffrey C Ely, 2008. "Kludged," NajEcon Working Paper Reviews 122247000000002045, www.najecon.org.
  • Handle: RePEc:cla:najeco:122247000000002045
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    References listed on IDEAS

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    1. Arthur J. Robson, 2001. "Why Would Nature Give Individuals Utility Functions?," Journal of Political Economy, University of Chicago Press, vol. 109(4), pages 900-929, August.
    2. Sandholm, William H. & Pauzner, Ady, 1998. "Evolution, Population Growth, and History Dependence," Games and Economic Behavior, Elsevier, vol. 22(1), pages 84-120, January.
    3. Samuelson, Larry & Swinkels, Jeroen M., 2006. "Information, evolution and utility," Theoretical Economics, Econometric Society, vol. 1(1), pages 119-142, March.
    4. Anonymous, 2006. "Editorial Information," Journal of Food Distribution Research, Food Distribution Research Society, vol. 37(01), March.
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    More about this item

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics

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